Robo-advisers offer investors easy access to professionally managed portfolios. Operating a robo-adviser as a profitable business, well, that’s far from easy. Just ask JPMorgan.

JPMorgan plans to discontinue its purely digital robo-adviser, JPMorgan Automated Investing, in the second quarter of 2024, four years after it launched. It ceased taking on new customers over the weekend and will transfer existing clients to its self-directed online investing brokerage offering. The decision does not affect its hybrid robo-adviser, which pairs human financial advisers with automated investing.